Sri Lankans vote in presidential election that will determine how the country emerges from economic crisis

COLOMBO, Sri Lanka (AP) — Sri Lankans began voting Saturday in a presidential election that will determine how the country rebuilds from its worst economic crisis and the political upheaval that has followed.

The election, which is contested by 38 candidates, features three main contenders: incumbent Liberal President Ranil Wickremesinghe, Marxist MP Anura Kumara Dissanayake and opposition leader Sajith Premadasa.

There are 17 million eligible voters and the final results will be announced on Sunday.

The results will show whether Sri Lankans accept Wickremesinghe’s leadership in the country’s fragile economic recovery, including restructuring its debt under an International Monetary Fund program after the country defaults in 2022.

The government announced on Thursday that it had cleared the final hurdle in its debt restructuring by reaching a preliminary agreement with private bondholders.

At the time of default, Sri Lanka’s domestic and external debt totaled $83 billion; the government says it has so far restructured more than $17 billion of this.

Despite significant improvements in key economic indicators, Sri Lankans continue to struggle with high taxes and the cost of living.

Both Premadasa and Dissanayake say they are renegotiating the IMF deal to make austerity more bearable. Wickremesinghe warned that any move to change the basis of the deal could delay the release of the nearly $3 billion fourth tranche of aid promised by the IMF, which is crucial to maintaining stability.

Most Sri Lankans are voting with the economy in mind, hoping that the new government will fully steer the country out of the crisis and end the deep-rooted corruption in the system.

“I think corruption is one of the main reasons that brought the country to its current pathetic state. So, the next leader should focus on eliminating corruption and start building the country,” said Chandrakumar Suriyaarachchi, a driver who voted in Saturday’s elections. “Our children deserve a better life.”

Political experts say widespread disillusionment with the old guard — widely blamed for Sri Lanka’s economic instability — could mean no candidate wins 50 percent of the first-choice vote to secure the presidency, with the top two candidates then moving on to a second round of counting that takes into account second-choice votes.

There are fears that if no clear winner emerges, the island nation could descend into even greater instability.

Voter Visaka Dissanayake said he hoped Sri Lanka would vote for a “strong leader who will chart a path for economic recovery.”

“We have now come out of a very difficult situation. So I hope that the economic recovery will continue,” Dissanayake said.

Sri Lanka’s economic crisis was largely due to excessive borrowing for projects that failed to generate revenue. The impact of the COVID-19 pandemic and the government’s insistence on using limited foreign reserves to prop up the currency, the rupee, contributed to the economy going into free fall.

The economic collapse caused a severe shortage of basic goods such as medicine, food, cooking gas and fuel, and people spent days queuing to obtain them. This led to riots in which protesters took over key buildings, including the president’s house, his office and the prime minister’s office, forcing then-President Gotabaya Rajapaksa to flee the country and resign.

Wickremesinghe was elected in a parliamentary vote in July 2022 to serve the remainder of Rajapaksa’s five-year term. Wickremesinghe is now seeking another term to build on his record.

However, many people accuse him of protecting members of the Rajapaksa family, whom they blame for the economic crisis.

Wickremesinghe, who was the only member of his party in parliament, was elected largely on the votes of Rajapaksa loyalists. They also supported him as members of his cabinet and by voting for his proposed reforms.

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Associated Press journalist Rishi Lekhi contributed to this report.